PartnerRe Ltd PRE ticked up nearly 3 percent Friday on an unconfirmed Reuters report that hostile bidder Exor SpA might boost its offer by an undetermined amount.
Italy's Exor SpA EXOSF will consider raising its $6.4 billion offer for PartnerRe at a board meeting next Tuesday, according to the report on Friday.
Reuters said Exor and PartnerRE declined to comment.
PartnerRe earlier this week rejected a $130 a share offer from Exor and said it will stick with plans to merge with fellow reinsurer Axis Capital Holdings Ltd. AXS in a stock swap.
In rejecting the offer, PartnerRe said Exor had indicated that $130 per share was its best and only offer "despite our numerous attempts to negotiate on price."
PartnerRe told its shareholders Monday it will pay a special dividend of $11.50 a share when its merges with Axis later this year.
Exnor, which holds a roughly 33 percent stake in Fiat Chrysler Automobiles NV FCAU, said Monday it remained "fully committed" to its offer to acquire PartnerRe.
PartnerRe traded recently at $132.10, up $3.51; Exor rose nearly 3 percent to $47.65.
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